Groww adds over 4.7 Million New SIPs in July-September quarter; Young investors and B30 cities drive growth
Date
10/13/2024 4:46:39 AM
(MENAFN- Adfactors PR) Bangalore, 11th October 2024: Groww, India’s largest Mutual Funds investing platform, achieved strong growth in July-September quarter 2024, adding over 4.7 million new SIPs. Out of 6.6 million new SIPs recorded in September by AMFI, Groww added 1.6 million new SIPs, strengthening its market leadership.
This growth was driven by younger investors, with over 50% of contributors under the age of 35, demonstrating a strong inclination towards early and disciplined financial planning. Additionally, female participation stood at 24%, exceeding the national average reported by AMFI, signaling a positive shift in financial engagement among women. Groww has seen a significant increase in the number of new SIPs, with 2x growth this quarter compared to last year, which is 50% of total Industry SIPs seen in the same period last year.
SIPs comprised 86% of the Mutual Funds investment volume on the platform, while lumpsum investments accounted for 14%. The average SIP value per customer rose to over INR 6,000, highlighting the growing commitment to long-term investing through SIPs.
Commenting on the growth, Harsh Jain, Co-founder and COO, Groww said, "The rising participation of younger and female investors reflects financialisation of savings across India, as more people embrace the benefits of systematic, long-term investment. We have seen a large scale adoption of UPI autopay which has simplified the payment experience for investors. Additionally, our flagship educational initiative - Ab India Karega Groww has evangelised disciplined investing among investors all over the country."
Notably, nearly 80% of the transactions on the platform came from non-metro cities, indicating rising interest in systematic investment plans (SIPs) among retail investors from smaller towns and cities. Regionally, the top five states contributing the highest number of SIPs from B30 (beyond the top 30) cities were Maharashtra, Uttar Pradesh, West Bengal, Bihar, and Rajasthan. The strong participation from these states reflects the growing interest in equity assets among individuals in non-metro regions. Investors are embracing wealth-building strategies that prioritise consistent, thoughtful financial planning and strategic asset allocation for financial growth.
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